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Quiz Overview
Total number of questions: 53
Total time allotted: 90 minutes
Each question is worth 2 points
Maximum possible score: 106 points
Note: Actual grading limits score to 105; a score of 106 will be recorded as 100.
Question Types and Content Breakdown
First Question: "Which of the following is not an economic resource?"
Example of question: Identifying an option that does not fit the category of economic resource.
Second Question: "Economists believe all of the following except…"
Format: A list of principles where one principle does not align with economists' beliefs.
Third Question: Numerical problem regarding calculating the cost of attending college.
Relevant materials: Previous class discussions on college costs and the concept of explicit versus implicit costs.
Connection: Relates to the "Game of Thrones" golden dragon's problem.
Fourth Question: Word problem with 10 people going to dinner, analyzing behavior based on payment plans.
Fifth Question: Topic on competitive markets and their influence on deadweight loss and bargaining costs.
Sixth Question: Definition of economics.
Note: If this is an open-book test with advance notice about the question, thorough preparation is essential.
Seventh Question: Another definitional question focusing on allocative, productive, or dynamic efficiency.
Eighth Question: Two-person trade problem.
Calculations required: Consumer surplus, producer surplus, and total surplus.
Ninth Question: Understanding logical fallacies; recognizing differences between positive and normative statements.
Subsequent Questions: Next three questions are based on a word problem involving:
Law of diminishing marginal utility
Sunk costs
Marginal costs
Next Three Questions: Addressing the Lemons model.
Review notes on the Lemons model discussed in Principle 12.
Next Two Questions: Word problem comparing competitive markets to monopolized markets.
Scenarios based on previous class discussions and video lectures about pricing under competition vs. monopoly.
Next Question: Understanding the concept of marginal deterrence.
Next Seven Questions: Based on two word problems related to:
Negative externalities
Positive externalities
Relevant theories: Coase theorem.
Examples: Pollution and immunizations discussed in prior lectures.
Following Questions: Comparing private property versus communal property and understanding voters' information dynamics.
Next Question: Concept of rent seeking.
Note: Not a numerical problem, but fundamental understanding is required.
Next Single Question: Decision-making on whether an individual should perform an action again.
Following Questions: Definitions of consumer surplus, producer surplus, or price discrimination.
Next Question: Understanding physical capital versus human capital.
Next Two Questions: Two-person trade problems.
Subsequent Question: Importance of the term "ceteris paribus".
Next Two Questions: Focus on positive and negative externalities; understand examples and their market implications.
Next Question: Analyzing monopoly production levels; whether they underproduce or overproduce goods.
Next Few Questions: Understanding examples of public goods and the difference between economic profits and accounting profits.
Next Question: Definition of opportunity cost; understanding Principle 11.
Subsequent Question: Principle stating, "There ain't no such thing as a free lunch."
Includes moral stories relevant to this concept.
Next Question: Review definitions of allocative, productive, or dynamic efficiency (similar to a previous question).
Next Word Problem: Calculating accounting profit versus economic profit based on provided scenarios.
Reference the "Tale of Two Firms" discussed in class.
Next Question: Opportunity cost based on an individual’s choices.
Next Question: Definition of market failure versus government failure.
Next Question: Law of increasing marginal opportunity cost.
Final Few Questions: Define and understand deadweight loss and decision-making efficiencies in studying.
Logistic Information
Test Dates: March 4 to March 8
Attendance during March 4 class is optional; can discuss topics unrelated to economic theories.
Test format: Available on Brightspace.
Important note: Once the test is opened, the timer will start.
Avoid technical issues by preparing and ensuring a stable computer installation.
Study Preparation
Caution against the moral hazard where students may rely too heavily on open resources without proper preparation leading to poor performance.
Recommended: Review lecture materials and practice problems thoroughly before the test to ensure readiness and understanding of key concepts and problem-solving strategies.